User Account

All Pages

What did Barnes Company show as total credits

Assignment Help Accounting Basics
Reference no: EM132494128

Question 1 - Barnes Company showed the following balances at the end of its first year:

Cash $10,000

Prepaid insurance 800

Accounts receivable 4,500

Accounts payable 2,800

Notes payable 4,200

Unearned revenues 5,400

Revenues 21,000

Expenses 17,500

What did Barnes Company show as total credits on its trial balance?

a. $7,000

b. $28,000

c. $33,400

d. None of the above.

Question 2 - The journal entry to record a return of merchandise purchased on account under a perpetual inventory system would debit

a. Accounts Payable.

b. Purchase Returns and Allowances.

c. Sales Revenue.

d. Merchandise Inventory.

Reference no: EM132494128

Questions Cloud

Review of the literature important to a researcher : The review of the literature is one of the most important aspect that has to be done by the researcher.
Determine the cash flows from operations : Accounts receivable (Jan 1,2019)30,000; ( dec.31,2019)33800 and Gross profit on sales 260,000. Determine the cash flows from operations for 2019
Write a paper describing how the processes differ : Write a paper describing how the processes differ, including the coding books and processes, and explanations and examples of the terms prospective
Describe the functionalities of a burglar alarm : Describe the functionalities of a burglar alarm using 8051 Microcontroller with intruder warning and location detection features. Write sequence of operations
What did Barnes Company show as total credits : Barnes Company showed the following balances at the end of its first year: What did Barnes Company show as total credits on its trial balance
Identify and analyse functional areas in the business : Identify and analyse functional areas in the business and identify and analyse the internal and external stakeholders - create a stakeholder matrix
Meta-ethics perspective and propose a solution : Software theft costs the software industry an estimated $12 billion a year. Analyze this issue with the meta-ethics perspective and propose a solution.
Find what is averys wacc : What is Avery's WACC? Avery Corporation's target capital structure is 35% debt, 10% preferred, and 55% common equity. The interest rate on new debt
Compute comprehensive income for Harvatin Group : Harvatin Group reported net income totaling $1,000,000 for the year 2006. Compute comprehensive income for Harvatin Group

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd